SPX6900 (SPX) is 6268.6× the size of Based Fwog (FWOG) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 28 shared trading days). SPX has been the more volatile of the two, at 115% annualised against FWOG's 78%.
FWOGSPX
0.31over 28 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | FWOG | SPX |
|---|---|---|
| Max drawdown (400d) | -51.5% | -43.7% |
| Risk-adjusted return (90d) | 0.36 | 0.05 |
Relative strength over 90 days: FWOG outperformed SPX by 11.0% — measured on the FWOG/SPX ratio, so it holds regardless of market direction.